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Eurocon

Eurocon

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Engineering consultancy with broad competence

Eurocon Consulting, a consulting service company founded in 1990, provides the forestry, energy, mining, and chemistry markets with engineering services. The offering covers the whole life cycle of customer investment, from preliminary study to implementation, deployment and maintenance. The customers are almost exclusively major industrial companies and municipalities. The company’s main vision is to be the obvious choice for customers and employees who want to build and optimize for a sustainable future.

The markets that Eurocon is exposed to are cyclical markets such as mining and forestry, and hence, Eurocon is dependent on investments in these markets. As other consulting businesses are experiencing as well, hiring consultants is hard, and especially within engineering. As the company grows, keeping competent and experienced employees is essential.

Financials

SEKm 2022 2023e 2024e
Sales 339 363 383
Sales growth (%) 16,4 7,4 5,3
EBITDA 53 52 54
EBITDA margin (%) 15,7 14,4 14,1
EBIT adj. 40 40 42
EBIT adj. margin (%) 11,9 11,1 10,9
Pretax profit 40 39 41
EPS 0,72 0,72 0,75
EPS growth (%) 54 -0,7 4
EPS adj. 0,72 0,72 0,75
DPS 0,6 0,65 0,65
EV/EBITDA (x) 8,6 8,6 8,3
EV/EBIT adj. (x) 11,4 11,2 10,7
P/E (x) 14,7 14,8 14,3
P/E adj. (x) 14,7 14,8 14,3
EV/sales (x) 1,35 1,24 1,17
FCF yield (%) 6,3 9 8,6
Le. adj. FCF yld. (%) 3,9 6,6 6,2
Dividend yield (%) 5,6 6,1 6,1
Net IB debt/EBITDA (x) -0,2 -0,3 -0,3
Le. adj. ND/EBITDA (x) 0,7 0,9 0,9
SEKm 2022 2023e 2024e
Sales 339 363 383
COGS -40 -31 -33
Gross profit 299 332 350
Other operating items -245 -280 -296
EBITDA 53 52 54
Depreciation and amortisation -13 -12 -12
of which leasing depreciation -13 -10 -10
EBITA 40 40 42
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 40 40 42
Net financial items -1 -1 -1
Pretax profit 40 39 41
Tax -8 -8 -8
Net profit 32 31 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 32 31 33
EPS 0,72 0,72 0,75
EPS adj. 0,72 0,72 0,75
Total extraordinary items after tax 0 0 0
Leasing payments -12 -12 -12
Tax rate (%) 20,2 20,6 20,6
Gross margin (%) 88,2 91,4 91,4
EBITDA margin (%) 15,7 14,4 14,1
EBITA margin (%) 11,9 11,1 10,9
EBIT margin (%) 11,9 11,1 10,9
Pre-tax margin (%) 11,7 10,9 10,7
Net margin (%) 9,3 8,6 8,5
Sales growth (%) 16,4 7,4 5,3
EBITDA growth (%) 36 -1,9 3,4
EBITA growth (%) 52,6 0,2 3,9
EBIT growth (%) 52,6 0,2 3,9
Net profit growth (%) 54 -0,7 4
EPS growth (%) 54 -0,7 4
Profitability N/A N/A N/A
ROE (%) 27,7 25,5 25,5
ROE adj. (%) 27,7 25,5 25,5
ROCE (%) 29,5 27,6 27,6
ROCE adj. (%) 29,5 27,6 27,6
ROIC (%) 30,3 28,6 29,5
ROIC adj. (%) 30,3 28,6 29,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 53 52 54
EBITDA adj. margin (%) 15,7 14,4 14,1
EBITDA lease adj. 42 41 43
EBITDA lease adj. margin (%) 12,3 11,2 11,1
EBITA adj. 40 40 42
EBITA adj. margin (%) 11,9 11,1 10,9
EBIT adj. 40 40 42
EBIT adj. margin (%) 11,9 11,1 10,9
Pretax profit Adj. 40 39 41
Net profit Adj. 32 31 33
Net profit to shareholders adj. 32 31 33
Net adj. margin (%) 9,3 8,6 8,5
SEKm 2022 2023e 2024e
EBITDA 53 52 54
Goodwill 62 62 62
Net financial items -1 -1 -1
Other intangible assets 0 0 0
Paid tax -8 -8 -8
Tangible fixed assets 5 4 5
Non-cash items 0 0 0
Right-of-use asset 20 21 22
Cash flow before change in WC 44 43 45
Total other fixed assets 2 2 2
Change in working capital -12 2 -1
Fixed assets 89 89 92
Operating cash flow 32 45 44
Inventories 0 0 0
Capex tangible fixed assets -3 -4 -4
Receivables 93 102 107
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 30 38 40
Free cash flow 29 42 40
Total assets 212 229 239
Dividend paid -17 -26 -28
Shareholders equity 120 126 130
Share issues and buybacks 0 0 0
Minority 1 1 1
Leasing liability amortisation -11 -11 -11
Total equity 121 127 131
Other non-cash items 0 3 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 21 22 23
Total other long-term liabilities 0 0 0
Short-term debt 1 1 1
Accounts payable 69 80 84
Other current liabilities 0 0 0
Total liabilities and equity 212 229 239
Net IB debt -8 -16 -16
Net IB debt excl. pension debt -8 -16 -16
Net IB debt excl. leasing -29 -38 -39
Capital employed 143 149 154
Capital invested 113 111 115
Working capital 24 22 23
Market cap. diluted (m) 465 465 465
Net IB debt adj. -8 -16 -16
Market value of minority 1 1 1
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 457 450 450
Total assets turnover (%) 164 164,7 163,5
Working capital/sales (%) 5,3 6,3 5,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7 -12,5 -12,3
Net debt / market cap (%) -1,8 -3,4 -3,4
Equity ratio (%) 57,2 55,2 54,7
Net IB debt adj. / equity (%) -7 -12,5 -12,3
Current ratio 1,76 1,74 1,73
EBITDA/net interest 79,6 65,3 67,5
Net IB debt/EBITDA (x) -0,2 -0,3 -0,3
Net IB debt/EBITDA lease adj. (x) -0,7 -0,9 -0,9
Interest coverage 60,1 50,3 52,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 44 44 44
Diluted shares adj. 44 44 44
EPS 0,72 0,72 0,75
Dividend per share 0,6 0,65 0,65
EPS adj. 0,72 0,72 0,75
BVPS 2,76 2,88 2,98
BVPS adj. 1,33 1,45 1,55
Net IB debt/share -0,19 -0,36 -0,37
Share price 10,7 10,7 10,7
Market cap. (m) 465 465 465
P/E (x) 14,7 14,8 14,3
EV/sales (x) 1,35 1,24 1,17
EV/EBITDA (x) 8,6 8,6 8,3
EV/EBITA (x) 11,4 11,2 10,7
EV/EBIT (x) 11,4 11,2 10,7
Dividend yield (%) 5,6 6,1 6,1
FCF yield (%) 6,3 9 8,6
Le. adj. FCF yld. (%) 3,9 6,6 6,2
P/BVPS (x) 3,86 3,7 3,58
P/BVPS adj. (x) 7,98 7,33 6,87
P/E adj. (x) 14,7 14,8 14,3
EV/EBITDA adj. (x) 8,6 8,6 8,3
EV/EBITA adj. (x) 11,4 11,2 10,7
EV/EBIT adj. (x) 11,4 11,2 10,7
EV/CE (x) 3,2 3 2,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,8 1 1
Capex/depreciation N/A 1,8 1,7
Capex tangibles / tangible fixed assets 55,1 97,8 71,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 53,8 41,15

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Media

Eurocon - Company presentation with CEO Peter Johansson
Eurocon - Company presentation with CEO Peter Johansson

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Main shareholders - Eurocon

Main shareholders Share capital % Voting shares % Verified
Nordea Fonder 11.1 % 11.1 % 31 Jan 2023
Anne-Louise Löfdahl 10.2 % 10.2 % 28 Dec 2022
Avanza Pension 8.4 % 8.4 % 28 Dec 2022
Christer Svanholm 4.2 % 4.2 % 28 Dec 2022
Ulf Rask 4.1 % 4.1 % 28 Dec 2022
Johan Westman 3.4 % 3.4 % 28 Dec 2022
Fredrik Forsgren 3.3 % 3.3 % 28 Dec 2022
Peter Johansson 2.5 % 2.5 % 28 Dec 2022
Mikael Lindqvist 2.3 % 2.3 % 28 Dec 2022
Nils Lindström 2.3 % 2.3 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Eurocon

Name Quantity Code Date
Johan Westman + 7 287 BUY 22 Jun 2021
Lars Anders Nilsson + 100 000 BUY 26 Mar 2021
Erica Jonsson + 4 000 BUY 4 Dec 2020
Erica Jonsson + 2 500 BUY 11 Nov 2020
Implementeringssystem i Sundsvall AB + 50 000 BUY 11 Nov 2020
Erica Jonsson + 4 835 BUY 11 Nov 2020
Erica Jonsson + 65 BUY 10 Nov 2020
Erica Jonsson + 100 BUY 3 Nov 2020
Erica Jonsson + 1 087 BUY 15 Oct 2020
Erica Jonsson + 2 720 BUY 14 Oct 2020

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